Northern Mariana Islands Small Business Access Act

Floor Speech

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Ms. VELAZQUEZ. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.R. 3496, the Northern Mariana Islands Small Business Access Act.

This is a straightforward but important bill that expands access to SBA's microloan program to small businesses in the Commonwealth of the Northern Mariana Islands.

These small businesses face unique challenges, as geographic isolation leads to higher costs for goods and services. Their economy is heavily reliant on tourism, which can ebb and flow with the economy and natural disasters.

Having access to affordable credit gives small businesses the ability to weather the storms and economic uncertainty and fully prepare for the next opportunity.

The extension of the microloan program to CNMI will be critical to support business growth, create jobs, and stimulate the local economy.

I have long supported efforts to ensure the territories have full access to SBA products and services. In previous Congresses, I worked with then-Representative Sablan to establish an SBDC center in CNMI, and I also worked to ensure that CNMI had access to the microloan program as part of a more comprehensive bill.

Unfortunately, the bill to improve the microloan program was not enacted into law. I am glad to be working across the aisle again to make sure territories receive full access to SBA services.

Madam Speaker, I urge Members to support this important bill, and I reserve the balance of my time.

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Ms. VELAZQUEZ. Madam Speaker, I urge my colleagues to support this legislation, and I yield back the balance of my time.

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